F1Q27 Preview: Scaling Agentforce - Live and Let Die (for Simple Chatbots)

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F1Q27 Preview: Scaling Agentforce - Live and Let Die (for Simple Chatbots)

C O M PA N Y N O T E

M a y 1 9 , 2 0 2 6

salesforce.com (CRM) Overweight

CONCLUSION PRICE: US$179.42

We still hear AI disruption concerns for CRM, despite a reasonable valuation (CY27E EV/ TARGET: US$215.00

FCF ex-SBC of 14x) and a massive $50B repurchase authorization. We expect this to 9x CY30E EV/FCF, discounted back 3 years by

persist in 1H, particularly as Agentforce ramps, CRM shifts its rev breakout (details: here), 16%. This assumes $4.9B net debt and 958M

and certain product lines remain under pressure (e.g., Tableau, Commerce). Despite the shares.

sentiment overhang, we see the F1Q setup as reasonable, especially given our positive off-

Billy Fitzsimmons, CFAcal checks for CRM (see: here), with solid AI product adoption trends. We believe investors Sr. Research Analyst, Piper Sandler & Co.

want evidence a 2H acceleration is still achievable (supported by: NNAOV trends, healthier 312 281-3438, billy.fitzsimmons@psc.com

backlog, & Agentforce customers "refilling the tank") after certain on-cycle SW names cited Hannah Rudoff

AI-related disruptions were driving longer sales cycles. Longer-term, we remain optimistic Research Analyst, Piper Sandler & Co.

in CRM's ability to remain a strategically important AI partner in the enterprise and believe 503 275-8313, hannah.rudoff@psc.com

the firm is effectively positioned to deliver and extract value as AI proliferates. J.R. Herrera

Research Analyst, Piper Sandler & Co.

• F1Q27 Financial Expectations (5/27 AMC). CRM guided to a 1Q27 revenue midpoint 503 275-8314, jr.herrera@psc.com

of $11.055B (+12.5% y/y) and cRPO growth of 13% y/y cc. Informatica is expected Changes Previous Current